The rhodium market
Rhodium is a by-product of palladium and platinum mining, and around 80% of it is mined from the upper group two (UG2) orebodies, which predominantly exist within South Africa's Bushveld Complex. You could say that this is a South African metal.
Since rhodium is a by-product, its supply doesn't increase when there's a deficit in the market and this leads to prices spiking. The metal is mainly used in motor vehicle autocatalysts to reduce toxic and harmful polluting gases and tighter emission standards across the world (mainly the EU and China) led to a structural deficit around 2019. Rhodium usually trades at below $1,000 per troy ounce, but these deficits pushed the prices to record levels of almost $30,000 per troy ounce in 2021. Supply disruption resulting from COVID-19 also helped prices move higher.
(Source: Johnson Matthey)
Which companies have Rhodium as a mineral resource?
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